The web has been disseminating copious information on a dynamic blockchain platform and its usability and security-related features. Time and again the hybrid consensus mechanism of blockchain and various tokens revolving around it has also been in heated discussions. However, very few networks have actually gone into the depth of addressing the interoperability issues that pose various bottlenecks for the trading community.
A cryptographic method that has fundamentals of zero-disclosure evidence and mathematical consistency of the entire blockchain-enabled transaction that is authentic and rapid.
Welcome to the decentralized Finance New Avatar – REN!
REN: THE MASTERMINDS BEHIND THE GAME
It all began with two classmates at Australian National University by name of Taiyang Zhang and Loong Wang decided to work for a novel enterprise post their graduation. Soon their own-founded software company started programming for trading algorithms becoming renowned for the expertise. The first hedge fund Virgil Capital for which Zhang sweated him the break needed.
During this journey, he also witnessed the enormous challenges and bottlenecks the investors faced while trading in cryptocurrencies. He also observed that the core reason for these hurdles was that transactions being public on blockchain also included OTC purchases and that also governed the volatility in prices. A large exchange to wallet misleads the investors while posing trouble in OTC trading. Wealthy investors were the worst hit. So, became the genesis of REN a compulsive origin.
DEFINING REN: RELIABILITY ENCASED NETWORK
Zhang decided to have the framework of Ethereum, ETH-20 for REN as an obvious choice because it thought it gave the ultimate solution for the OTC problem: the Republic protocol. Knowing Wang’s experience in coding distributed database technologies including the invention of a coding language for blockchain, Zhang collaborated with him to redress blockchain interoperability issues.
And so in the summer of the year 2017, the Republic Protocol was born intended to devise a protocol for independent crypto-asset blockchains to communicate effectively. Also having on the potential of non-disclosure and complete transparency, REN moved on to become the single open-protocol that facilitated movement in between blockchains.
RENVM: INTEROPERABILITY REDEFINED
For understanding REN, it is essential to understand what “Dark Pool” means. As the name justifies the pool means the purchase and dark means anonymous. Investors can get misled in OTC markets by buying a big amount of assets anonymously.
The central platform around which Ren operates is called RENVM i.e. Ren Virtual Machine. All exchanges that happen on Ren across blockchains have a RENVM advantage. The Nodes are empowered by RENVM to calculate, authenticate, and process the cross-chain crypto instructions. These nodes are called “Darknodes”. The entire ecosystem of these works around a scientific algorithm that distributes the orders in small segments so that the nodes are not made aware of the entire amount of transaction. This enhances security especially because RENVM operates on Ethereum and all transactions on processed using ERC-20.
So primarily the token REN has two operations to perform: One, to pay the trading fees for orders made on RENVM, and two, to pay bonds to the “Registrar”, a smart contract that manages Darknodes in the Ren ecosystem. Decentralization gets assured through smart contract and so is stability guaranteed via RENVM. In a contrast to zero-disclosure and being an open-source, RENVM SubZero facilitates transactions entirely in a decentralized and trustless manner eliminating the possibility of any outsiders or middlemen. The crypto assets tokenized via RENVM are renBTC, renBCH, renZEC, etc. and these are also inter-transferable to the actual cryptocurrency BTC, BCH, ZEC, etc.
Additionally, RenVM is so conceptualized that it can be integrated by coders to other blockchains like Tezos. Talking about the advancements made in 2019, Wang had tweeted on Medium stating,” Official name of Republic Protocol is now REN. This shall be a landslide development in the history of REN wherein the entire pivot moves from decentralized darkpools to decentralized interoperability for blockchains.” Further developments included moving from RENVM mainnet, named SubZero to Chaosnet.
The last year was tough, however not for REN. In 2020, REN focused on signing significant alliances, a consortium of DeFi companies, and projects.
Jurisdictions around the world are scurrying to put into place legislation and regulations to allow or make it easier for companies to carry out initial coin offerings (ICOs) or token issuances. In essence, REN is not governed by any regulator. It is rather a peer-to-peer community governed computer network made up of users’ machines or “nodes” weathering all monetary recessionary storms.
The Board of REN realized that the mere individual functionality of operation is not sufficient and that growth means spreading the wings. So renowned names like Kyber Network, MATIC, Polychain Capital, and IDEX got added to take the protocol to elevated levels.
These partnerships guaranteed utility, security, and further enhanced RENVM. It would not be an overstatement to say that these alliances brought a constant array of users, investors, and developers to the REN project.
REN USE CASES: TRANSFORMING PREACHING INTO PRACTICE
The entire ecosystem of the REN project is open source. Capitalizing on the plus points of Bitcoin and Ethereum, REN ensures crystal-clear transparency and complete transaction confidentiality in the network. Even though transactions are recorded in the general blockchain, neither the sender nor the recipient and not even the amount transferred is in any way apparent to other users on the network.
The entire framework relies not on zero-disclosure evidence, but on Sub-Zero via RENVM thereby allowing mathematical consistency of the entire transaction procedure which is cross-checked without revealing any data or message on the other party involved in the transaction. Putting the power ultimately in the hands of the user, REN has regular upgrade schedules, which means this protocol is adaptable to meet the varied use cases of today, as well as the unforeseen use cases of tomorrow.
REN can trap fraudulent or spurious transactions by peers wherein a confirmed block is capable of tracing the preceding block. REN is based on cryptographic methods that are reliant on sub-zero-disclosure evidence and mathematical consistency of the entire blockchain-enabled transaction which is cross-checked without revealing any data or message on the other party involved in the transaction. Hence, security obstacles are arrested first. A salient characteristic that stands out in this protocol is that it ensures liquidity and ensuring the lightning-fast speed of transactions on the network.
Hence, the RENVM enables the following functionalities creating a lot of value for both end-users and darknode owners. Some of the few assumptions are given below :
1) An embeddable, universal web wallet
UX: This stands for a universal wallet that you can create for any sort of crypto asset. Here the public and private keys are stored and governed on the REN network. Like any other wallet, this too is accessible with a username, password, and a connection to the Ren network. Upon creation, investors can reach their funds through an in-page UI component similar to MetaMask, but you wouldn’t need a chrome plugin pre-installed, and it wouldn’t be limited to Ethereum.
Darknode revenue: REN also has made a provision regarding the fee system. Whenever RENVM’s new fee system collects fee moving funds, multiple wallet features are put into place like fast transfers, insta-pick up, etc. apart from darkpool trading.
2) An enhanced DEX
UX: A simplified and user-friendly trading interface UI can be created by developers thereby adding a liquidity pool on RenVM. Giving instructions to RENVM and post-authentication at a fixed price, the funds are swapped by the pool from one RenVM-controlled wallet to another.
Even though this function seems similar as per other centralized exchanges, the difference here is that you are the master of your own funds and the pool is governed by network-controlled compute logic, not a company. Another advantage here is that you can trade in innumerable currencies and all within rapid-fire processing.
Darknode revenue: A unique feature of the RENVM exchange is that it has multitudinous trading benefits, all packed in one. Apart from enabling chapter transaction costs in comparison to other exchanges, RENVM based exchange minimizes the settlement time and offers a plethora of other currencies for inter-credibility. Hence the entire ecosystem of REN goes beyond just conventional OTC but to more traditional spot or margin trading.
REN ICO: NOT TO BE OUT OF SIGHT
REN too like other financial offerings, making headlines for ICOs (Initial Coin Offerings) It started making headway in the year 2018 when it was Republic Protocol. It introduced two offerings: one, which was a private ICO in January raising 28 million USD. The main public ICO staged its performance just a few days later in February 2018 raising a 4.8 million USD.
The main reason for investors to be lured into buying REN was a meagre price of 3 cents per token. You would be surprised it took a supply of more than 1 billion tokens to be sold.
REN PRICE: TRACING THE HISTORIC FOOTPRINTS:
No wonder the history of REN price has been reasonably predictable. As aforesaid, REN ICO to the public that was below 4 cents, made a dazzling debut shooting the price in May 2018 to 13 cents. However, by winter 2018 the price of REN/USD fell down to 1.5 cents that were just 1/4th of the initial ICO price of REN.
With Bitcoin racing up to become a public choice in 2019, gave momentum to altcoins prices including the price of REN and it touched an all-time high of 15 cents. The impressive rally of REN/USD price continued with marginal corrections before making a difference of 9 cents end of 2019.
As a decentralized finance (DeFi) token, the REN price forecast marked a massive retreat in 1 year. Another major reason was that the sector offered alternative and diversified investment options to Bitcoin and other digital assets. So while some finance assets hit all-time highs, REN/USD price was still struggling.
Showing a resistance that was much anticipated at $0.28 and $0.30, respectively, the price of REN featured bouncing back gaining traction $0.24, and $0.22 along with its trading volume.
REN PRICE PREDICTION: REN EVANGELISTS: RACING AGAINST TIME
REN as a token has been making significant price changes in the market. Listed on a majority of exchanges, the token shows a market cap of $322,808,968.05 and is currently having a circulation of 884,917,075 REN in the market. At the time of writing this article, the current price of REN is trading around 0.36 USD. Even though many experts consider that the coin might record a price increase in the upcoming years. There are many who devaluate this digital asset which is a choice for millions. The techies have the following varied opinions & prediction on REN price along with its market cap to cite:
CoinSwitch: “Considering many projects coming to fruition by end of the year all-around bullish prediction of $12.00 can not be ruled out for REN.”
Walletinvestor: “There is a heavy bear blow predicted and the price of REN may lose sheen by almost half of current price stooping to as low as $0.14 by the first week of 2021.”
Longforecast: “Irrespective of its adoption, REN will have to bear the brunt of bear till Jan 2022. Going by predictions that bulls may be back, REN price change should end up slightly higher, say by 2024 $0.38 at best.”
MegaCrypto: “REN price might reach $2.37 and by 2023 going up to $2.88. However, this is keeping fingers crossed.”
Digital Coin Price: “REN price seems to be showing negative price action. The bear is sure to pin it down disappointing investors with a downward price change sailing barely at $0.12 and that too with difficulty.”
TradingBeasts: “REN, going by what it was in September 2020, REN sounds highly bullish as it has shown a reliable consistency. By January 2021 end, it should easily swing around $2.20 to 3.50.”
Reddit Community: “It entirely depends on the competitors’ movement and the market mood. The way in which the number of existing REN tokens are seated, the voyage of $0.88 at best can be predicted.”
CryptoRating: “Being based on a logical algorithm, REN price has both short term rally as well as long term potential advantages The price may reach $3.89 end of January 2021.”
REN: TECHNICAL ANALYSIS: LET US DO THE NITPICKING
Like many other cryptocurrencies, REN price too is vulnerable to market movements and sentiments. Of course, there are heartbreaks as much as valentines for this token. However, despite being highly volatile, REN price has shown significant price action over the long term. It entirely depends on the expertise of the dedicated team of professionals working for this conglomerate. As per the experts’ price prediction, the future price of REN may even double in the upcoming months taking it to $0.606.
Pessimism too can’t be ignored for REN price as some experts opine that the coin price falls short of an aggressive planning strategy and the marketing gimmicks. The newsletter and tweets do not reach out to the entire trading community and so investors, more than often, are in the doldrums to know what is happening on the REN front. The mass adoption typically fails as REN can not solely survive on the interoperability bandwagon.
There are factors apart from above that govern the price of REN objectively viz.:
Associated Currencies: The crypto assets which are linked with REN but do not perform well on the exchange independently rule the price of REN too.
Relationship between Supply and Demand which is an age-old phenomenon of contradictory relation of demand and supply works for REN. The more the holders buy REN on a huge scale, no wonder the price shall go upbringing the supply may come down.
Security Concerns: These are bottlenecks which when the act for negative publicity may bring the REN price down due to mass selling.
The popularity of dApps: If the demand for decentralized apps goes up, as it has during the phase of Pandemic, in the future too it shall hold good for the future price of REN too.
Weightage average Indicators: The simple moving average of 50, 100, and 200-days are among the most commonly used indicators to identify important resistance and support levels for the REN forecast. Any positive price change happening above these averages will show a strong momentum of REN. Traders also like to use the RSI and Fibonacci retracement levels on the price chart to try and ascertain the future price prediction of the REN market.
Crypto Volatility Index (CVIX): This index studies volatility and price fluctuations weighing the deviations. The amount of dynamism or fluctuations determine the performance of REN. Too much of REN fluctuations generate fear in the minds of investors and hinder them from purchase.
Relative Strength Index (RSI): This stresses on the bullish recovery from bearing levels near the oversold. RSI reaches the overbought, the buy orders are bound to increase, creating more volume that will support the uptrend in the near term.
REN FORECAST: 2021-2025-SCALING HIGH OR LEAVING DRY
REN price prediction has truly somersaulted in the last year totally transforming the trend from the beginning towards the end of the year. REN has had a historic journey throughout. All said and done REN’s trend has been quite aggressive leading to a very optimistic path. The REN price may grow in leaps and bounds, especially for alliances. New partnerships would bring REN to the limelight making it the center stage for investments and a socially esteemed cryptocurrency. In the process, more transactions shall be executed with every passing second which may prove a tough challenge for crypto rivals of REN.
REN PRICE PREDICTION 2021
The end of the last year was tough with eagerness to say bye to. Mainly due to pandemic, negative trends prevailing bringing the REN price to 20 cents. However, the beginning of 2021 meant REN price could bid a bye to all negative and pessimistic price trends for the world of cryptocurrencies, especially for the REN market, it could mean the start of an era of hopes and promises full of optimism. In the world of cryptocurrencies like REN, there could be a prediction of miracles, there could be magics in short term too. Five years is a long time. With pandemic vaccine coming to the fore, as per experts’ predictions, it may mean a boom time for REN. Investors of cryptocurrencies always plan for the long term rather than the short term. By the end of 2021, the REN price might cross the $0.51 price level.
REN PRICE PREDICTION 2022
Based on 1-year historical data and technical analysis, REN came up with its own blockchain platform transitioning itself from Ehtereum base getting enlisted in the major cryptocurrency exchanges of the world by end of 1 year.
It would not be an exaggeration that this priced cryptocurrency might break all the barriers and withstand the test of time scaling a peak of $0.66. With fiat currencies unable to sustain themselves in the wake of the pandemic this might come as a reprieve for all REN investors leading them to the path of high hopes and aspirations to transact in REN. For informational purposes, one may read the expert analyst’s technical analysis and reports to stay updated with the forecast of REN every 24 hours.
REN PRICE PREDICTION 2023
As per our price forecast, the REN price is predicted to cross $0.71 by the beginning of 2023. The expected high for the year 2023 is $0.80, and the low will be $0.68. The average REN price prediction for the end of 2023 is $0.75.
REN PRICE PREDICTION 2024
As per our price prediction, REN is predicted to cross $0.80 by the beginning of 2024. The expected high for the year 2023 is $0.86, and the low will be $0.72. The average REN price prediction for the end of 2023 is $0.82.
REN PRICE PREDICTION 2025
With a bit of patience and keeping the hopes high on the long term, investors can expect a turnaround by the end of 2025, as the adoption of REN would grow exponentially, by when REN would no more a naïve entrant in the world of cryptocurrencies, but a seasoned player at $1.
REN: BEGINNING OF AN EPIC SAGA
Cryptocurrency trading is not easy for the new dabblers. Joining the crypto pool for new swimmers could be a herculean task. Trading can be a mammoth burden for those who are moving from a broker’s help to doing it on an online platform independently. REN has taken the appropriate decision to transit from darkpools to blockchain interoperability, especially for the governing factor of use cases. The exemplary functionality of REN has been to enable expeditious transactions, based on reliability and highly valuable. The credit also is due to the dedicated team of REN who have burnt midnight oil to make this project a highly successful one eliminating the technological and operability hurdles for users on the platform.
The functionality of a cryptocurrency defines its price and not its epic origin. The same is true and valid for REN too. The interoperability functionality that drives REN is what defines its price momentum. The history is meaningless. Built on Ethereum mainchain Matic has the advantage of programming language, developer documentation, etc. readily available and it does not have to build everything from scratch. This is so mainly as Matic is an EVM based side chain.
Governments worldwide are taking measures to restore the economies and it is set to have an influential impact on REN too. This should make REN an active and safe haven for investors. According to experts, some crypto fans say it could push REN down to the unprecedented wave of stimulus from governments and central banks around the world aimed at tackling the coronavirus crisis. Such measures, they say, devalue fiat currencies, making REN an attractive alternative.
How REN has scaled the operability issues and made transactions faster for the masses is what is going to add multi-layer to the entire mechanism of price as well. Only then the question of mainstream adoption and investment arise. The day is not far when the entire exchange will be dominated by REN and a cohort of the REN community starts talking about fixating the price at a predetermined level to avoid the sky-rocketing phenomenon!!
FREQUENTLY ASKED QUESTIONS
Is Ren crypto a good investment?
REN can be a profitable investment option. Ren price equal to 0.335 USD at the beginning of this year. Based on our REN forecast, a long-term price increase is expected, the price prognosis for 2025 is around $1.
What is Ren Crypto?
REN is the first and only open protocol that provides access to inter-blockchain liquidity for all decentralized applications. Unlocking new liquidity and resources to power a new wave of value in the open finance movement. REN is now available on DeFi Swap.
Where can I buy Ren?
Right now you can buy REN at a good number of cryptocurrency exchanges including Binance. Once you have your trading account setup at one of the exchanges that trade REN, you will need to transfer your BTC or ETH from Coinbase to that specific exchange. This is done via a wallet system.
Can you stake Ren?
Ren token holders can stake REN and earn a plethora of assets rather than the native asset, limiting the selling pressure from reward earnings.
Where are REN tokens stored?
Ren (REN) is on the Ethereum network (ERC-20) so it can be stored using any ETH compatible wallet.
What can be built with RenVM?
RenVM serves as a plug-in for decentralized finance and therefore, any dApp can incorporate RenVM’s capabilities into their applications and existing smart contracts. Extra care has been taken to ensure RenVM is composable with existing blockchain and DeFi applications.
Does Ren offer complete anonymity for all transactions?
Ren enhances privacy for users by encrypting sender, amount, and recipient data within single-signature transactions published to its public blockchain ledger, specifically for transactions involving shielded addresses.
Will Ren cross $1?
Of course, the stars look quite favorable for the year ahead. Even though the last year was not a very motivating period from a global perspective, the upcoming year shall witness major changes in the economic scenario for most of the countries and for the better!
In fact, starting the second quarter of the coming year, REN shall surely weave its magic and outperform other cryptosiblings.
How can I buy Ren?
There’s an overview of the exchanges available to you and a buying guide to help you along for easy comparison. Rates are taken directly from each exchange’s official web socket. For fiat exchanges or exchanges that don’t offer web sockets, rates are refreshed every 60 seconds.
How do I store Ren in wallet?
Cryptocurrency wallets that support REN include My Ether Wallet (MEW – desktop), Atomic Wallet (mobile), Trust Wallet (mobile), and the Exodus wallet (mobile and desktop). Hardware cryptocurrency wallets that support REN include Ledger, Trezor, and KeepKey. Since REN is an ERC-20 token, it can be stored on virtually any wallet which supports Ethereum. As such, there is no shortage of software wallets and hardware wallets where you can store your REN tokens.